PNC Completes $11.6B Acquisition of BBVA USA
PITTSBURGH, Pa. – PNC Financial Services Group has completed its $11.6 billion acquisition of BBVA USA Bancshares, making PNC the fifth-largest commercial bank in the country.
PNC now has more than $560 billion in assets and a presence in 29 of the nation’s 30 largest market. BBVA USA – the American branch of the Spanish financial institution, one of the world’s largest banks – has more than 600 branches across Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas.
“Our acquisition of BBVA USA accelerates our national expansion and positions us to increase shareholder value over time by bringing our industry-leading technology and innovative products and services to new markets and clients,” said PNC President, CEO and Chairman William S. Demchak in a statement. “We are grateful to our thousands of colleagues across the combined organization who have worked tirelessly to help achieve this major milestone. With a shared commitment to serving our customers and supporting the communities where we live and work, together we will build on this strong combination for years to come.”
The unification of PNC and BBVA bank systems and branches is expected to happen in October. Until then, customers of the banks will continue to serve customers through their branches, websites, apps, financial advisers and relationship managers. PNC will provide comprehensive information to BBVA customers ahead of the conversion.
PNC’s commitment to supporting its communities is outlined in its previously announced Community Benefits Plan, developed as part of the BBVA acquisition. The plan will provide $88 billion in loans, investments, and other financial support to bolster economic opportunity for low- and moderate-income people and communities, people and communities of color, and other underserved individuals and communities over a four-year period beginning Jan. 1.
Included in the plan is $26.5 billion in small-business lending, $47 billion in residential mortgages and home equity loans to people of color and those in low- and moderate-income communities and $14.5 billion in community development loans and investments across all markets.
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